Ethereum Surges 8% in the Last 24 Hours.

Fundamental Overview:

• Ethereum has broken through the $2,800 level for the first time in three months, igniting analyst speculation about a continued upward trend.
• Key technical indicators, including the MACD and various moving averages, point toward a potential buying opportunity for ETH. However, an elevated RSI suggests that the asset may be entering overbought territory, which could trigger short-term profit-taking.
• In the wake of positive momentum following the U.S. presidential election, Ether-based spot ETFs in the U.S. have experienced their highest inflows in six weeks.
• Ethereum has lagged behind other leading cryptocurrencies, such as Bitcoin, over the past 90 days despite recent gains. While Bitcoin has seen gains of over 20%, Ethereum has increased by a comparatively modest 8% during this period.
• Ethereum’s recent breakout above $2,800 has energized market sentiment, with analysts proposing that ETH could be on the cusp of a broader bullish trend, potentially setting the stage for new highs soon.
• The overall cryptocurrency market cap has risen to $2.464 trillion, representing a 4% increase over the past day.

Read More – Daily Technical Analysis By Capital Street FX

Daily Technical Analysis for Ethereum

Technical Overview:

• Current Trend: Ethereum is trading within a descending channel.
• Moving Averages: ETH is positioned above all significant Simple Moving Averages (SMAs).
• Indicators: The Relative Strength Index (RSI) indicates a buying zone, while the Stochastic oscillator suggests an ongoing positive trend.
• Key Levels:
  • Immediate Resistance: $2,836.5
  • Immediate Support: $2,589.2

ETH/USD Trading Strategy

Following a dip to recent lows, Ethereum found robust support, rallying sharply and breaking past previous highs with considerable momentum. Currently, ETH is consolidating within a tight range, positioned near a key resistance level. If Ethereum can break above and hold this resistance, it may signify the onset of a new upward trend.

Trade Recommendation

• Stop Buy: $2,854.2
• Take Profit: $3,175.0
• Stop Loss: $2,648.1